February 02, 2023 09:56 GMT
Relatively strong auction
SPAIN AUCTION RESULTS
- The Spanish auction saw a relatively strong result with the LAP above the pre-auction mid-prices for all bonds on offer. In fact, the LAP was higher than at any time during the last 55 minutes ahead of the auction close for all of the bonds sold.
- In terms of bid-to-covers these were generally in line with prior auctions.
- All in all, a relatively strong auction with close to the mid-point of the target amount sold. Overall, we would say a bit stronger than the second January auction but weaker than the first auction of the year.